Does a trustee have to disclose what he is doing or make an accounting in Texas?Trustee Accounting

One of the primary duties of a trustee is to keep full, accurate and orderly records concerning the status of the trust estate and all acts performed by him. He is charged with maintaining an accurate account of all the transactions relating to the trust property. Some states require a formal written accounting by the trustee on an annual basis, but Texas does not. Texas does have a provision that beneficiary or "interested person" can demand that the trustee give a written accounting of the trust.

The Tex. Prop. code 113.151 defines the right to an accounting from trustees or other fiduciaries subject to the Trust Code. The trustee must make the written accounting within 90 days. If he does not, the court can order him to make an accounting and two personally pay the attorneys fees and costs for not making the requested accounting.

the written accounting by the trustee must show:

 

  1. all trust property that has come to the trustee's knowledge or into the trustee's possession and that has not been previously listed or inventoried as property of the trust;
  2. a complete account of receipts, disbursements, and other transactions regarding the trust property for the period covered by the account, including their source and nature, with receipts of principal and income shown separately;
  3. a listing of all property being administered, with an adequate description of each asset;
  4. the cash balance on hand in the name and location of the depository where the balance is kept; and
  5. all known liabilities owed by the trust.

Executor Accounting

Learn about Executor accounting requirements here.

 

Your Privacy

We take your privacy very seriously. We are keenly aware of the trust you place in us and our responsibility to protect your privacy. We treat all information provided to us with care and discretion.

Robert Ray is Board Certified

Robert Ray is the Editor and owner of this site. Board Certified, Personal Injury Trial Law — Texas Board of Legal Specialization.

We handle cases throughout Texas. Our principal office is in Tyler, Texas.

Robert Ray, Texas inheritance attorney.Click here to email us or to go to the contact form if you want to contact us about a Texas inheritance dispute.

Robert Ray is Board Certified

Robert Ray is the Editor and owner of this site. Board Certified, Personal Injury Trial Law — Texas Board of Legal Specialization.

We handle cases throughout Texas. Our principal office is in Tyler, Texas.

Robert Ray, Texas inheritance attorney.Click here to email us or to go to the contact form if you want to contact us about a Texas inheritance dispute.

Inheritance Updates

blogInteresting inheritance news on our blog, take a look blog.